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<body lang=ZH-CN link=blue vlink=purple style='text-justify-trim:punctuation'>

<div class=Section1 style='layout-grid:15.6pt'>

<p class=MsoToc1 align=center style='text-align:center;text-indent:44.0pt'><span
style='font-size:22.0pt;line-height:150%;font-family:华文行楷'>目录</span></p>

<p class=MsoToc1 style='text-indent:20.0pt'><span
lang=EN-US><span class=MsoHyperlink><a href="#_Toc387848460"><span lang=EN-US
style='font-family:宋体'><span lang=EN-US>一、实现利润分析</span></span><span
style='color:windowtext;text-decoration:none'>......................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>4</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848461">1.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>净利润分析</span></span><span
style='color:windowtext;text-decoration:none'>.......................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>4</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848462">2.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>实现利润分析</span></span><span
style='color:windowtext;text-decoration:none'>...................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>4</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848463">3.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>营业利润分析</span></span><span
style='color:windowtext;text-decoration:none'>...................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>5</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848464">4.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>投资收益分析</span></span><span
style='color:windowtext;text-decoration:none'>...................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>6</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848465">5.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>营业外利润分析</span></span><span
style='color:windowtext;text-decoration:none'>.................................................................................................................................. </span><span style='color:windowtext;text-decoration:none'>7</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848466">6.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>经营业务的盈利能力</span></span><span
style='color:windowtext;text-decoration:none'>......................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>7</span></a></span></span></p>

<p class=MsoToc1 style='text-indent:20.0pt'><span class=MsoHyperlink><span
lang=EN-US><a href="#_Toc387848467"><span lang=EN-US style='font-family:宋体'><span
lang=EN-US>二、成本费用分析</span></span><span style='color:windowtext;text-decoration:
none'>......................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>8</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848468">1.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>成本构成情况</span></span><span
style='color:windowtext;text-decoration:none'>...................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>8</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848469">2.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>总成本变化情况及原因分析</span></span><span
style='color:windowtext;text-decoration:none'>.......................................................................................................... </span><span style='color:windowtext;text-decoration:none'>10</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848470">3.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>经营业务成本情况</span></span><span
style='color:windowtext;text-decoration:none'>........................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>10</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848471">4.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>营业税金及附加预算同期分析</span></span><span
style='color:windowtext;text-decoration:none'>..................................................................................................... </span><span style='color:windowtext;text-decoration:none'>11</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848472">5.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>销售费用的合理性评价</span></span><span
style='color:windowtext;text-decoration:none'>.................................................................................................................. </span><span style='color:windowtext;text-decoration:none'>11</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848473">6.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>管理费用的合理性评价</span></span><span
style='color:windowtext;text-decoration:none'>.................................................................................................................. </span><span style='color:windowtext;text-decoration:none'>12</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848474">7.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>财务费用的合理性评价</span></span><span
style='color:windowtext;text-decoration:none'>.................................................................................................................. </span><span style='color:windowtext;text-decoration:none'>13</span></a></span></span></p>

<p class=MsoToc1 style='text-indent:20.0pt'><span class=MsoHyperlink><span
lang=EN-US><a href="#_Toc387848475"><span lang=EN-US style='font-family:宋体'><span
lang=EN-US>三、资产结构分析</span></span><span style='color:windowtext;text-decoration:
none'>....................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>14</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848476">1.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>资产构成基本情况</span></span><span
style='color:windowtext;text-decoration:none'>........................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>14</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848477">2.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>资产的增减及其变化原因</span></span><span
style='color:windowtext;text-decoration:none'>.............................................................................................................. </span><span style='color:windowtext;text-decoration:none'>16</span></a></span></span></p>

<p class=MsoToc1 style='text-indent:20.0pt'><span class=MsoHyperlink><span
lang=EN-US><a href="#_Toc387848478"><span lang=EN-US style='font-family:宋体'><span
lang=EN-US>四、负债及权益结构分析</span></span><span style='color:windowtext;text-decoration:
none'>.......................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>17</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848479">1.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>负债及权益构成基本情况</span></span><span
style='color:windowtext;text-decoration:none'>.............................................................................................................. </span><span style='color:windowtext;text-decoration:none'>17</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848480">2.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>负债的增减变化情况</span></span><span
style='color:windowtext;text-decoration:none'>....................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>18</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848481">3.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>负债的增减变化原因</span></span><span
style='color:windowtext;text-decoration:none'>....................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>19</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848482">4.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>权益的增减变化</span></span><span
style='color:windowtext;text-decoration:none'>............................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>19</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848483">5.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>权益的增减变化原因</span></span><span
style='color:windowtext;text-decoration:none'>....................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>20</span></a></span></span></p>

<p class=MsoToc1 style='text-indent:20.0pt'><span class=MsoHyperlink><span
lang=EN-US><a href="#_Toc387848484"><span lang=EN-US style='font-family:宋体'><span
lang=EN-US>五、偿债能力分析</span></span><span style='color:windowtext;text-decoration:
none'>....................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>21</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848485">1.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>流动比率</span></span><span
style='color:windowtext;text-decoration:none'>............................................................................................................................................ </span><span style='color:windowtext;text-decoration:none'>21</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848486">2.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>速动比率</span></span><span
style='color:windowtext;text-decoration:none'>............................................................................................................................................ </span><span style='color:windowtext;text-decoration:none'>21</span></a></span></span></p>

<p class=MsoToc1 style='text-indent:20.0pt'><span class=MsoHyperlink><span
lang=EN-US><a href="#_Toc387848487"><span lang=EN-US style='font-family:宋体'><span
lang=EN-US>六、盈利能力分析</span></span><span style='color:windowtext;text-decoration:
none'>....................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>22</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848488">1.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>盈利能力基本情况</span></span><span
style='color:windowtext;text-decoration:none'>........................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>22</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848489">2.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>内部资产的盈利能力</span></span><span
style='color:windowtext;text-decoration:none'>....................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>23</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848490">3.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>净资产收益率及其变化原因</span></span><span
style='color:windowtext;text-decoration:none'>.......................................................................................................... </span><span style='color:windowtext;text-decoration:none'>23</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848491">4.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>总资产报酬率及其变化原因</span></span><span
style='color:windowtext;text-decoration:none'>.......................................................................................................... </span><span style='color:windowtext;text-decoration:none'>24</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848492">5.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>成本费用利润率及其变化原因</span></span><span
style='color:windowtext;text-decoration:none'>..................................................................................................... </span><span style='color:windowtext;text-decoration:none'>24</span></a></span></span></p>

<p class=MsoToc1 style='text-indent:20.0pt'><span class=MsoHyperlink><span
lang=EN-US><a href="#_Toc387848493"><span lang=EN-US style='font-family:宋体'><span
lang=EN-US>七、营运能力分析</span></span><span style='color:windowtext;text-decoration:
none'>....................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>24</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848494">1.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>存货周转天数变化原因</span></span><span
style='color:windowtext;text-decoration:none'>.................................................................................................................. </span><span style='color:windowtext;text-decoration:none'>24</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848495">2.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>应收账款周转天数及其变<span lang=EN-US>化原因</span></span></span><span
style='color:windowtext;text-decoration:none'>................................................................................................. </span><span style='color:windowtext;text-decoration:none'>25</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848496">3.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>应付账款周转天数及其变化原因</span></span><span
style='color:windowtext;text-decoration:none'>................................................................................................. </span><span style='color:windowtext;text-decoration:none'>26</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848497">4.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>现金周期</span></span><span
style='color:windowtext;text-decoration:none'>............................................................................................................................................ </span><span style='color:windowtext;text-decoration:none'>27</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848498">5.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>营业周期</span></span><span
style='color:windowtext;text-decoration:none'>............................................................................................................................................ </span><span style='color:windowtext;text-decoration:none'>27</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848499">6.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>流动资产周转天数变化原因</span></span><span
style='color:windowtext;text-decoration:none'>.......................................................................................................... </span><span style='color:windowtext;text-decoration:none'>28</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848500">7.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>总资产周转天数变化原因</span></span><span
style='color:windowtext;text-decoration:none'>.............................................................................................................. </span><span style='color:windowtext;text-decoration:none'>28</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848501">8.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>固定资产周转天数变化原因</span></span><span
style='color:windowtext;text-decoration:none'>.......................................................................................................... </span><span style='color:windowtext;text-decoration:none'>29</span></a></span></span></p>

<p class=MsoToc1 style='text-indent:20.0pt'><span class=MsoHyperlink><span
lang=EN-US><a href="#_Toc387848502"><span lang=EN-US style='font-family:宋体'><span
lang=EN-US>八、发展能力分析</span></span><span style='color:windowtext;text-decoration:
none'>....................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>30</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848503">1.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>销售收入增长率</span></span><span
style='color:windowtext;text-decoration:none'>............................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>30</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848504">2.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>净利润增长率</span></span><span
style='color:windowtext;text-decoration:none'>.................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>30</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848505">3.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>资本增长性</span></span><span
style='color:windowtext;text-decoration:none'>........................................................................................................................................ </span><span style='color:windowtext;text-decoration:none'>30</span></a></span></span></p>

<p class=MsoToc1 style='text-indent:20.0pt'><span class=MsoHyperlink><span
lang=EN-US><a href="#_Toc387848506"><span lang=EN-US style='font-family:宋体'><span
lang=EN-US>九、经营协调性分析</span></span><span style='color:windowtext;text-decoration:
none'>................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>30</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848507">1.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>营运资本变化情况</span></span><span
style='color:windowtext;text-decoration:none'>........................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>30</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848508">2.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>营运资金需求的变化</span></span><span
style='color:windowtext;text-decoration:none'>....................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>31</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848509">3.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>整体协调情况</span></span><span
style='color:windowtext;text-decoration:none'>.................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>32</span></a></span></span></p>

<p class=MsoToc1 style='text-indent:20.0pt'><span class=MsoHyperlink><span
lang=EN-US><a href="#_Toc387848510"><span lang=EN-US style='font-family:宋体'><span
lang=EN-US>十、现金流量分析</span></span><span style='color:windowtext;text-decoration:
none'>....................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>33</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848511">1.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>现金流入结构分析</span></span><span
style='color:windowtext;text-decoration:none'>........................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>33</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848512">2.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>现金流出结构分析</span></span><span
style='color:windowtext;text-decoration:none'>........................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>34</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848513">3.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>现金流动的协调性评价</span></span><span
style='color:windowtext;text-decoration:none'>.................................................................................................................. </span><span style='color:windowtext;text-decoration:none'>35</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848514">4.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>现金流量的变化</span></span><span
style='color:windowtext;text-decoration:none'>............................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>35</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848515">5.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>现金流量的充足性评价</span></span><span
style='color:windowtext;text-decoration:none'>.................................................................................................................. </span><span style='color:windowtext;text-decoration:none'>36</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848516">6.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>现金流动的有效性评价</span></span><span
style='color:windowtext;text-decoration:none'>.................................................................................................................. </span><span style='color:windowtext;text-decoration:none'>37</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848517">7.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>自由现金流量分析</span></span><span
style='color:windowtext;text-decoration:none'>........................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>38</span></a></span></span></p>

<p class=MsoToc1 style='text-indent:20.0pt'><span class=MsoHyperlink><span
lang=EN-US><a href="#_Toc387848518"><span lang=EN-US style='font-family:宋体'><span
lang=EN-US>十一、杜邦分析</span></span><span style='color:windowtext;text-decoration:
none'>........................................................................................................................................... </span><span style='color:windowtext;text-decoration:none'>38</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848519">1.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>杜邦分析</span></span><span
style='color:windowtext;text-decoration:none'>............................................................................................................................................ </span><span style='color:windowtext;text-decoration:none'>38</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848520">2. <span
lang=EN-US style='font-family:宋体'><span lang=EN-US>资产净利率变化原因分析</span></span><span
style='color:windowtext;text-decoration:none'>............................................................................................................ </span><span style='color:windowtext;text-decoration:none'>39</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848521">3.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>权益乘数变化原因分析</span></span><span
style='color:windowtext;text-decoration:none'>.................................................................................................................. </span><span style='color:windowtext;text-decoration:none'>39</span></a></span></span></p>

<p class=MsoToc2 style='margin-left:20.0pt;text-indent:20.0pt'><span
class=MsoHyperlink><span lang=EN-US><a href="#_Toc387848522">4.<span
lang=EN-US style='font-family:宋体'><span lang=EN-US>净资产收益率变化原因分析</span></span><span
style='color:windowtext;text-decoration:none'>.......................................................................................................... </span><span style='color:windowtext;text-decoration:none'>39</span></a></span></span></p>

<p class=MsoNormal style='text-indent:0cm;line-height:normal'><span lang=EN-US><br
clear=all style='page-break-before:always'>
 &nbsp;</span></p>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>服务板块（新）</span><span
lang=EN-US>2010</span><span style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份营业收入为</span><span lang=EN-US>946.83</span><span
style='font-family:宋体'>万元，营业利润为</span><span lang=EN-US>-0.88</span><span
style='font-family:宋体'>万元，营业外收支净额为</span><span lang=EN-US>-1.12</span><span
style='font-family:宋体'>万元，利润总额为</span><span lang=EN-US>-2</span><span
style='font-family:宋体'>万元。</span><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份成本费用总额为</span><span lang=EN-US>947.71</span><span
style='font-family:宋体'>万元，占营业收入的</span><span lang=EN-US>100.09%</span><span
style='font-family:宋体'>。营业成本为</span><span lang=EN-US>574.46</span><span
style='font-family:宋体'>万元，销售</span><span lang=EN-US>(</span><span
style='font-family:宋体'>营业</span><span lang=EN-US>)</span><span
style='font-family:宋体'>毛利润率为</span><span lang=EN-US>37.85%</span><span
style='font-family:宋体'>，营业利润率为</span><span lang=EN-US>-0.09%</span><span
style='font-family:宋体'>。</span><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份资产总计为</span><span lang=EN-US>725.68</span><span
style='font-family:宋体'>万元，负债合计为</span><span lang=EN-US>448.82</span><span
style='font-family:宋体'>万元，股东权益合计为</span><span lang=EN-US>276.86</span><span
style='font-family:宋体'>万元，资产负债率为</span><span lang=EN-US>61.85%</span><span
style='font-family:宋体'>，资产净利率为</span><span lang=EN-US>-0.71%</span><span
style='font-family:宋体'>，净资产收益率为</span><span lang=EN-US>-1.85%</span><span
style='font-family:宋体'>。</span></p>

<h1 style='margin:0cm;margin-bottom:.0001pt;text-indent:20.0pt;line-height:
150%'><a name="_Toc387848460"><span style='font-family:黑体'>一、实现利润分析</span></a></h1>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848461"><span lang=EN-US>1.</span></a><span
style='font-family:宋体'>净利润分析</span></h2>

<p class=MsoNormal style='text-indent:24.1pt'><b><span lang=EN-US
style='font-size:12.0pt;line-height:150%'>2010</span></b><b><span
style='font-size:12.0pt;line-height:150%;font-family:宋体'>年</span></b><b><span
lang=EN-US style='font-size:12.0pt;line-height:150%'>0</span></b><span
lang=EN-US style='font-size:12.0pt;line-height:150%'>3</span><span
style='font-size:12.0pt;line-height:150%;font-family:宋体'>月份净利润为</span><span
lang=EN-US style='font-size:12.0pt;line-height:150%'>9.4</span><span
style='font-size:12.0pt;line-height:150%;font-family:宋体'>万元，环比上月</span><span
lang=EN-US style='font-size:12.0pt;line-height:150%'>31.6</span><span
style='font-size:12.0pt;line-height:150%;font-family:宋体'>万元，亏损</span><span
lang=EN-US style='font-size:12.0pt;line-height:150%'>19.23</span><span
style='font-size:12.0pt;line-height:150%;font-family:宋体'>万元。完成年度预算的</span><span
lang=EN-US style='font-size:12.0pt;line-height:150%'>27.49%</span><span
style='font-size:12.0pt;line-height:150%;font-family:宋体'>，较累计预算减少</span><span
lang=EN-US style='font-size:12.0pt;line-height:150%'>14.24</span><span
style='font-size:12.0pt;line-height:150%;font-family:宋体'>万元，降低</span><span
lang=EN-US style='font-size:12.0pt;line-height:150%'>60.31%</span><span
style='font-size:12.0pt;line-height:150%;font-family:宋体'>。同比增加</span><span
lang=EN-US style='font-size:12.0pt;line-height:150%'>84.11</span><span
style='font-size:12.0pt;line-height:150%;font-family:宋体'>万元，增长</span><span
lang=EN-US style='font-size:12.0pt;line-height:150%'>112.54%</span><span
style='font-size:12.0pt;line-height:150%;font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 2"
src="财务分析报告%5b新准则%5d%20-有删减.files/image001.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848462"><span lang=EN-US>2.</span></a><span
style='font-family:宋体'>实现利润分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份利润总额为</span><span lang=EN-US>-2</span><span
style='font-family:宋体'>万元，累计</span><span lang=EN-US>XX</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>59.22</span><span
style='font-family:宋体'>万元，亏损</span><span lang=EN-US>2</span><span
style='font-family:宋体'>万元。完成年度预算的</span><span lang=EN-US>156.15%</span><span
style='font-family:宋体'>，较累计预算减少</span><span lang=EN-US>6.99</span><span
style='font-family:宋体'>万元，降低</span><span lang=EN-US>8.09%</span><span
style='font-family:宋体'>。同比增加</span><span lang=EN-US>147.23</span><span
style='font-family:宋体'>万元，增长</span><span lang=EN-US>217.17%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 3"
src="财务分析报告%5b新准则%5d%20-有删减.files/image002.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848463"><span lang=EN-US>3.</span></a><span
style='font-family:宋体'>营业利润分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份营业利润为</span><span lang=EN-US>-0.88</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>59.22</span><span
style='font-family:宋体'>万元，亏损</span><span lang=EN-US>0.88</span><span
style='font-family:宋体'>万元。完成年度预算的</span><span lang=EN-US>-1.73%</span><span
style='font-family:宋体'>，较累计预算减少</span><span lang=EN-US>16.15</span><span
style='font-family:宋体'>万元，降低</span><span lang=EN-US>105.77%</span><span
style='font-family:宋体'>。同比减少</span><span lang=EN-US>21.92</span><span
style='font-family:宋体'>万元，降低</span><span lang=EN-US>104.19%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>具体来说，以下项目的变动使营业利润增加：营业成本减少</span><span
lang=EN-US>440.76</span><span style='font-family:宋体'>万元，营业税金及附加减少</span><span
lang=EN-US>4.51</span><span style='font-family:宋体'>万元，管理费用减少</span><span
lang=EN-US>15.58</span><span style='font-family:宋体'>万元，财务费用减少</span><span
lang=EN-US>20.4</span><span style='font-family:宋体'>万元，共计增加</span><span
lang=EN-US>481.24</span><span style='font-family:宋体'>万元，以下项目的变动使营业利润减少：营业收入减少</span><span
lang=EN-US>525.1</span><span style='font-family:宋体'>万元，销售费用增加</span><span
lang=EN-US>6.1</span><span style='font-family:宋体'>万元，投资收益减少</span><span
lang=EN-US>10.15</span><span style='font-family:宋体'>万元，共计减少</span><span
lang=EN-US>541.35</span><span style='font-family:宋体'>万元，增加项与减少项相抵，使营业利润下降</span><span
lang=EN-US>60.1</span><span style='font-family:宋体'>万元。</span></p>

<p class=MsoNormal style='text-indent:20.0pt;line-height:normal'><span
style='font-size:12.0pt;font-family:宋体'>营业利润<span lang=EN-US>&nbsp;=&nbsp;&nbsp;+</span>营业收入<span
lang=EN-US>&nbsp;-&nbsp;</span>营业成本<span lang=EN-US>&nbsp;-</span>营业税金及附加<span
lang=EN-US>&nbsp;-</span>销售费用<span lang=EN-US>&nbsp;-</span>管理费用<span
lang=EN-US>&nbsp;-</span>财务费用<span lang=EN-US>&nbsp;-</span>资产减值损失<span
lang=EN-US>&nbsp;+</span>加：公允价值变动收益<span lang=EN-US>&nbsp;+</span>投资收益<span
lang=EN-US>1416001--1426401--1426405--1436601--1436602--1436603--1436701--1416101--1416111</span></span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 4"
src="财务分析报告%5b新准则%5d%20-有删减.files/image003.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848464"><span lang=EN-US>4.</span></a><span
style='font-family:宋体'>投资收益分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，投资收益为</span><span lang=EN-US>10.15</span><span
style='font-family:宋体'>万元环比上月</span><span lang=EN-US>XX</span><span
style='font-family:宋体'>万元，亏损</span><span lang=EN-US>XX</span><span
style='font-family:宋体'>万元。完成年度预算的</span><span lang=EN-US>XX%</span><span
style='font-family:宋体'>，较累计预算减少</span><span lang=EN-US>XX</span><span
style='font-family:宋体'>万元，降低</span><span lang=EN-US>XX%</span><span
style='font-family:宋体'>。同比增加</span><span lang=EN-US>XX</span><span
style='font-family:宋体'>万元，增长</span><span lang=EN-US>XX%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 5"
src="财务分析报告%5b新准则%5d%20-有删减.files/image004.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848465"><span lang=EN-US>5.</span></a><span
style='font-family:宋体'>营业外利润分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份营业外收支净额为</span><span lang=EN-US>-1.12</span><span
style='font-family:宋体'>万元，累计</span><span lang=EN-US>XX</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>0</span><span
style='font-family:宋体'>万元，亏损</span><span lang=EN-US>1.12</span><span
style='font-family:宋体'>万元。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.1pt'><b><span
style='font-family:宋体'>实现利润增减变化表</span></b></p>

<p class=MsoNormal align=right style='text-align:right;text-indent:20.0pt'><span
style='font-family:宋体'>单位</span><span lang=EN-US>:</span><span
style='font-family:宋体'>万元</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="20%" rowspan=2 style='width:20.28%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="33%" colspan=2 style='width:33.78%;border:solid windowtext 1.0pt;
  border-left:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="29%" colspan=2 style='width:29.26%;border:solid windowtext 1.0pt;
  border-left:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="16%" style='width:16.68%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.88%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>累计数</span></p>
  </td>
  <td width="16%" style='width:16.9%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>增长率<span lang=EN-US>(%</span></span></p>
  </td>
  <td width="14%" style='width:14.78%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>累计数</span></p>
  </td>
  <td width="14%" style='width:14.48%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>增长率<span lang=EN-US>(%</span></span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>累计数</span></p>
  </td>
 </tr>
 <tr>
  <td width="20%" style='width:20.28%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>营业外收支净额</span></p>
  </td>
  <td width="16%" style='width:16.88%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-1.12</span></p>
  </td>
  <td width="16%" style='width:16.9%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-112,100.00%</span></p>
  </td>
  <td width="14%" style='width:14.78%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
  <td width="14%" style='width:14.48%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>100.09%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-1.12</span></p>
  </td>
 </tr>
 <tr>
  <td width="20%" style='width:20.28%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>净利润</span></p>
  </td>
  <td width="16%" style='width:16.88%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-19.23</span></p>
  </td>
  <td width="16%" style='width:16.9%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-160.85%</span></p>
  </td>
  <td width="14%" style='width:14.78%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>31.60</span></p>
  </td>
  <td width="14%" style='width:14.48%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,152.74%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-3.00</span></p>
  </td>
 </tr>
 <tr>
  <td width="20%" style='width:20.28%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>营业利润</span></p>
  </td>
  <td width="16%" style='width:16.88%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-0.88</span></p>
  </td>
  <td width="16%" style='width:16.9%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-101.49%</span></p>
  </td>
  <td width="14%" style='width:14.78%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>59.22</span></p>
  </td>
  <td width="14%" style='width:14.48%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>153.75%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>23.34</span></p>
  </td>
 </tr>
 <tr>
  <td width="20%" style='width:20.28%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>利润总额</span></p>
  </td>
  <td width="16%" style='width:16.88%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-2.00</span></p>
  </td>
  <td width="16%" style='width:16.9%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-103.38%</span></p>
  </td>
  <td width="14%" style='width:14.78%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>59.22</span></p>
  </td>
  <td width="14%" style='width:14.48%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>166.54%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>22.22</span></p>
  </td>
 </tr>
 <tr>
  <td width="20%" style='width:20.28%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>营业收入</span></p>
  </td>
  <td width="16%" style='width:16.88%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>946.83</span></p>
  </td>
  <td width="16%" style='width:16.9%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-35.67%</span></p>
  </td>
  <td width="14%" style='width:14.78%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,471.93</span></p>
  </td>
  <td width="14%" style='width:14.48%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-15.75%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,747.12</span></p>
  </td>
 </tr>
 <tr>
  <td width="20%" style='width:20.28%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>投资收益</span></p>
  </td>
  <td width="16%" style='width:16.88%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
  <td width="16%" style='width:16.9%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-100.00%</span></p>
  </td>
  <td width="14%" style='width:14.78%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>10.15</span></p>
  </td>
  <td width="14%" style='width:14.48%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>N/A</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>&nbsp;</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848466"><span lang=EN-US>6.</span></a><span
style='font-family:宋体'>经营业务的盈利能力</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>从营业收入和成本的变化情况来看：</span><span
lang=EN-US>2010</span><span style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，营业收入为</span><span lang=EN-US>946.83</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>1,471.93</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>35.67%</span><span
style='font-family:宋体'>。营业成本为</span><span lang=EN-US>574.46</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>1,015.22</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>43.42%</span><span
style='font-family:宋体'>。营业收入和营业成本同时下降，且营业收入下降幅度大于营业成本的下降幅度，表明业务盈利能力下降，应加以重视。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 6"
src="财务分析报告%5b新准则%5d%20-有删减.files/image005.gif"></span></p>

<h1 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848467"><span style='font-family:黑体'>二、成本费用分析</span></a></h1>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848468"><span lang=EN-US>1.</span></a><span
style='font-family:宋体'>成本构成情况</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>服务板块（新）</span><span
lang=EN-US>2010</span><span style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，成本费用总额为</span><span lang=EN-US>947.71</span><span
style='font-family:宋体'>万元，其中营业成本为</span><span lang=EN-US>574.46</span><span
style='font-family:宋体'>万元，占成本费用总额的</span><span lang=EN-US>60.62%</span><span
style='font-family:宋体'>；销售费用为</span><span lang=EN-US>221.94</span><span
style='font-family:宋体'>万元，占成本费用总额的</span><span lang=EN-US>23.42%</span><span
style='font-family:宋体'>；管理费用为</span><span lang=EN-US>132.12</span><span
style='font-family:宋体'>万元，占成本费用总额的</span><span lang=EN-US>13.94%</span><span
style='font-family:宋体'>；营业税金及附加为</span><span lang=EN-US>14.04</span><span
style='font-family:宋体'>万元，占成本费用总额的</span><span lang=EN-US>1.48%</span><span
style='font-family:宋体'>；财务费用为</span><span lang=EN-US>5.16</span><span
style='font-family:宋体'>万元，占成本费用总额的</span><span lang=EN-US>0.54%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>1426401--1426405--1436601--1436602--1436603—1436701</span></p>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>成本费用总额</span><span
lang=EN-US> = </span><span style='font-family:宋体'>营业成本</span><span lang=EN-US>+   
</span><span style='font-family:宋体'>营业税金及附加</span><span lang=EN-US>+    </span><span
style='font-family:宋体'>销售费用</span><span lang=EN-US>+    </span><span
style='font-family:宋体'>管理费用</span><span lang=EN-US>+    </span><span
style='font-family:宋体'>财务费用</span><span lang=EN-US>+    </span><span
style='font-family:宋体'>资产减值损失</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 7"
src="财务分析报告%5b新准则%5d%20-有删减.files/image006.gif"></span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>成本费用构成表</span><span lang=EN-US>(</span><span
style='font-family:宋体'>占成本总额的比例</span><span lang=EN-US>)</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>单位</span><span lang=EN-US>:</span><span
style='font-family:宋体'>万元</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="25%" rowspan=2 style='width:25.0%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>营业成本</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>574.46</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,015.22</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,286.72</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>销售费用</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>221.94</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>215.83</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>265.27</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>管理费用</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>132.12</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>147.70</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>149.68</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>财务费用</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>5.16</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>25.55</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>5.98</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>营业税金及附加</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>14.04</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>18.55</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>16.11</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>成本费用总额</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>947.71</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,422.85</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,723.78</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US>&nbsp;</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 8"
src="财务分析报告%5b新准则%5d%20-有删减.files/image007.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848469"><span lang=EN-US>2.</span></a><span
style='font-family:宋体'>总成本变化情况及原因分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份成本费用总额为</span><span lang=EN-US>947.71</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>1,422.85</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>33.39%</span><span
style='font-family:宋体'>。具体来说，以下项目的变动使成本费用总额增加：销售费用增加</span><span lang=EN-US>6.1</span><span
style='font-family:宋体'>万元，共计增加</span><span lang=EN-US>6.1</span><span
style='font-family:宋体'>万元，以下项目的变动使成本费用总额减少：营业成本减少</span><span lang=EN-US>440.76</span><span
style='font-family:宋体'>万元，营业税金及附加减少</span><span lang=EN-US>4.51</span><span
style='font-family:宋体'>万元，管理费用减少</span><span lang=EN-US>15.58</span><span
style='font-family:宋体'>万元，财务费用减少</span><span lang=EN-US>20.4</span><span
style='font-family:宋体'>万元，共计减少</span><span lang=EN-US>481.24</span><span
style='font-family:宋体'>万元，增加项与减少项相抵，使成本费用总额下降</span><span lang=EN-US>475.14</span><span
style='font-family:宋体'>万元。</span></p>

<p class=MsoNormal style='text-indent:20.0pt;line-height:normal'><span
lang=EN-US style='font-size:12.0pt;font-family:宋体'>1426401--1426405--1436601--1436602--1436603—1436701(</span><span
style='font-size:12.0pt;font-family:宋体'>同上<span lang=EN-US>)</span></span></p>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>成本费用总额</span><span
lang=EN-US> = </span><span style='font-family:宋体'>营业成本</span><span lang=EN-US>+   
</span><span style='font-family:宋体'>营业税金及附加</span><span lang=EN-US>+    </span><span
style='font-family:宋体'>销售费用</span><span lang=EN-US>+    </span><span
style='font-family:宋体'>管理费用</span><span lang=EN-US>+    </span><span
style='font-family:宋体'>财务费用</span><span lang=EN-US>+    </span><span
style='font-family:宋体'>资产减值损失</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848470"><span lang=EN-US>3.</span></a><span
style='font-family:宋体'>经营业务成本情况</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，营业成本为</span><span lang=EN-US>574.46</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>1,015.22</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>43.42%</span><span
style='font-family:宋体'>。营业成本占营业收入比为</span><span lang=EN-US>60.67%</span><span
style='font-family:宋体'>，环比上月占比为</span><span lang=EN-US>68.97%</span><span
style='font-family:宋体'>，下降</span><span lang=EN-US>12.03%</span><span
style='font-family:宋体'>。完成年度预算的</span><span lang=EN-US>66.4%</span><span
style='font-family:宋体'>，较累计预算减少</span><span lang=EN-US>169.76</span><span
style='font-family:宋体'>万元，降低</span><span lang=EN-US>5.57%</span><span
style='font-family:宋体'>。同比增加</span><span lang=EN-US>2,042.47</span><span
style='font-family:宋体'>万元，增长</span><span lang=EN-US>244.92%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 9"
src="财务分析报告%5b新准则%5d%20-有删减.files/image008.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848471"><span lang=EN-US>4.</span></a><span
style='font-family:宋体'>营业税金及附加预算同期分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>营业税金及附加为</span><span
lang=EN-US>14.04</span><span style='font-family:宋体'>万元，完成年度预算的</span><span
lang=EN-US>639.16%</span><span style='font-family:宋体'>，较累计预算增加</span><span
lang=EN-US>6.74</span><span style='font-family:宋体'>万元，增长</span><span
lang=EN-US>16.05%</span><span style='font-family:宋体'>。同比增加</span><span
lang=EN-US>42.5</span><span style='font-family:宋体'>万元，增长</span><span
lang=EN-US>685.17%</span><span style='font-family:宋体'>。</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848472"><span lang=EN-US>5.</span></a><span
style='font-family:宋体'>销售费用的合理性评价</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份销售费用为</span><span lang=EN-US>221.94</span><span
style='font-family:宋体'>万元，累计</span><span lang=EN-US>703.04</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>215.83</span><span
style='font-family:宋体'>万元，增长</span><span lang=EN-US>2.83%</span><span
style='font-family:宋体'>。完成年度预算的</span><span lang=EN-US>1067.9%</span><span
style='font-family:宋体'>，较累计预算增加</span><span lang=EN-US>66.53</span><span
style='font-family:宋体'>万元，增长</span><span lang=EN-US>10.45%</span><span
style='font-family:宋体'>。同比增加</span><span lang=EN-US>316.12</span><span
style='font-family:宋体'>万元，增长</span><span lang=EN-US>81.7%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 10"
src="财务分析报告%5b新准则%5d%20-有删减.files/image009.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848473"><span lang=EN-US>6.</span></a><span
style='font-family:宋体'>管理费用的合理性评价</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份管理费用为</span><span lang=EN-US>132.12</span><span
style='font-family:宋体'>万元</span><span lang=EN-US>,</span><span
style='font-family:宋体'>累计</span><span lang=EN-US>429.5</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>147.7</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>10.55%</span><span
style='font-family:宋体'>。完成年度预算的</span><span lang=EN-US>428.09%</span><span
style='font-family:宋体'>，较累计预算增加</span><span lang=EN-US>15.31</span><span
style='font-family:宋体'>万元，增长</span><span lang=EN-US>3.7%</span><span
style='font-family:宋体'>。同比增加</span><span lang=EN-US>183.71</span><span
style='font-family:宋体'>万元，增长</span><span lang=EN-US>74.74%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 11"
src="财务分析报告%5b新准则%5d%20-有删减.files/image010.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848474"><span lang=EN-US>7.</span></a><span
style='font-family:宋体'>财务费用的合理性评价</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，财务费用为</span><span lang=EN-US>5.16</span><span
style='font-family:宋体'>万元，累计</span><span lang=EN-US>36.7</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>25.55</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>79.81%</span><span
style='font-family:宋体'>。完成年度预算的</span><span lang=EN-US>357.29%</span><span
style='font-family:宋体'>，较累计预算增加</span><span lang=EN-US>21.79</span><span
style='font-family:宋体'>万元，增长</span><span lang=EN-US>146.1%</span><span
style='font-family:宋体'>。同比增加</span><span lang=EN-US>28.31</span><span
style='font-family:宋体'>万元，增长</span><span lang=EN-US>337.68%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 12"
src="财务分析报告%5b新准则%5d%20-有删减.files/image011.gif"></span></p>

<h1 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848475"><span style='font-family:黑体'>三、资产结构分析</span></a></h1>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848476"><span lang=EN-US>1.</span></a><span
style='font-family:宋体'>资产构成基本情况</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份</span><span lang=EN-US>,</span><span
style='font-family:宋体'>资产总计为</span><span lang=EN-US>725.68</span><span
style='font-family:宋体'>万元，其中流动资产合计为</span><span lang=EN-US>716.02</span><span
style='font-family:宋体'>万元，主要分布在其他应收款、存货、货币资金等环节，分别占公司流动资产合计的</span><span
lang=EN-US>41.94%</span><span style='font-family:宋体'>、</span><span lang=EN-US>33.45%</span><span
style='font-family:宋体'>、</span><span lang=EN-US>24.1%</span><span
style='font-family:宋体'>。非流动资产合计为</span><span lang=EN-US>9.66</span><span
style='font-family:宋体'>万元，主要分布在固定资产、无形资产等环节，分别占公司非流动资产合计的</span><span
lang=EN-US>98.49%</span><span style='font-family:宋体'>、</span><span lang=EN-US>1.51%</span><span
style='font-family:宋体'>。下两图</span> <span style='font-family:宋体'>改成</span> <span
style='font-family:宋体'>流动资产合计</span> <span style='font-family:宋体'>、非流动资产合计，两项分析；</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 13"
src="财务分析报告%5b新准则%5d%20-有删减.files/image012.gif"> <img width=535 height=400
id="图表 14" src="财务分析报告%5b新准则%5d%20-有删减.files/image013.gif"></span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>资产构成情况表</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>单位</span><span lang=EN-US>:</span><span
style='font-family:宋体'>万元</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="12%" rowspan=2 style='width:12.5%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="37%" colspan=3 style='width:37.5%;border:solid windowtext 1.0pt;
  border-left:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="37%" colspan=3 style='width:37.5%;border:solid windowtext 1.0pt;
  border-left:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="12%" style='width:12.5%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>增长额</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>增长率<span lang=EN-US>(%</span></span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>增长额</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>增长率<span lang=EN-US>(%</span></span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
 </tr>
 <tr>
  <td width="12%" style='width:12.5%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>资产总计</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>725.68</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-4,003.29</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-84.66%</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>4,728.97</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-537.38</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-10.20%</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>5,266.35</span></p>
  </td>
 </tr>
 <tr>
  <td width="12%" style='width:12.5%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>流动资产合计</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>716.02</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-3,688.13</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-83.74%</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>4,404.15</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-541.28</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-10.94%</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>4,945.42</span></p>
  </td>
 </tr>
 <tr>
  <td width="12%" style='width:12.5%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>非流动资产合计</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>9.66</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-315.16</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-97.03%</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>324.82</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>3.90</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1.22%</span></p>
  </td>
  <td width="12%" style='width:12.5%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>320.92</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US>&nbsp;</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848477"><span lang=EN-US>2.</span></a><span
style='font-family:宋体'>资产的增减及其变化原因</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，资产总计为</span><span lang=EN-US>725.68</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>4,728.97</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>84.65%</span><span
style='font-family:宋体'>。具体来说，以下项目的变动使资产总计增加：其他应收款增加</span><span lang=EN-US>215.99</span><span
style='font-family:宋体'>万元，无形资产增加</span><span lang=EN-US>0.145</span><span
style='font-family:宋体'>万元，共计增加</span><span lang=EN-US>216.14</span><span
style='font-family:宋体'>万元，以下项目的变动使资产总计减少：货币资金减少</span><span lang=EN-US>25.76</span><span
style='font-family:宋体'>万元，应收账款减少</span><span lang=EN-US>369.99</span><span
style='font-family:宋体'>万元，存货减少</span><span lang=EN-US>3,508.37</span><span
style='font-family:宋体'>万元，长期股权投资减少</span><span lang=EN-US>227.84</span><span
style='font-family:宋体'>万元，固定资产减少</span><span lang=EN-US>28.73</span><span
style='font-family:宋体'>万元，长期待摊费用减少</span><span lang=EN-US>56.43</span><span
style='font-family:宋体'>万元，递延所得税资产减少</span><span lang=EN-US>2.31</span><span
style='font-family:宋体'>万元，共计减少</span><span lang=EN-US>4,219.43</span><span
style='font-family:宋体'>万元，增加项与减少项相抵，使资产总计下降</span><span lang=EN-US>4,003.29</span><span
style='font-family:宋体'>万元。</span></p>

<p class=MsoNormal style='text-indent:20.0pt;line-height:normal'><span
lang=EN-US style='font-size:12.0pt;font-family:宋体'>1111001--1111101--1111121--1111122--1111123--1111132--1111131--1111221--1111401--1117001--1118001--1121503--1121501--1121531--1121511--1121521--1131601--1131604--1131605--1131606--1131621--1131631--1141701--1145301--1141711--1141801--1151811--1148001</span></p>

<p class=MsoNormal style='text-indent:20.0pt;line-height:normal'><span
style='font-size:12.0pt;font-family:宋体'>资产合计<span lang=EN-US>&nbsp;=&nbsp;&nbsp;+&nbsp;</span>货币资金<span
lang=EN-US>&nbsp;+&nbsp;</span>交易性金融资产<span lang=EN-US>&nbsp;+&nbsp;</span>应收票据<span
lang=EN-US>&nbsp;+&nbsp;</span>应收账款<span lang=EN-US>&nbsp;+&nbsp;</span>预付款项<span
lang=EN-US>&nbsp;+&nbsp;</span>应收利息<span lang=EN-US>&nbsp;+&nbsp;</span>应收股利<span
lang=EN-US>&nbsp;+&nbsp;</span>其他应收款<span lang=EN-US>&nbsp;+&nbsp;</span>存货<span
lang=EN-US>&nbsp;+&nbsp;</span>一年内到期的非流动资产<span lang=EN-US>&nbsp;+&nbsp;</span>其他流动资产<span
lang=EN-US>&nbsp;+&nbsp;</span>可供出售金融资产<span lang=EN-US>&nbsp;+&nbsp;</span>持有至到期投资<span
lang=EN-US>&nbsp;+&nbsp;</span>长期应收款<span lang=EN-US>&nbsp;+&nbsp;</span>长期股权投资<span
lang=EN-US>&nbsp;+&nbsp;</span>投资性房地产<span lang=EN-US>&nbsp;+&nbsp;</span>固定资产<span
lang=EN-US>&nbsp;+&nbsp;</span>在建工程<span lang=EN-US>&nbsp;+&nbsp;</span>工程物资<span
lang=EN-US>&nbsp;+&nbsp;</span>固定资产清理<span lang=EN-US>&nbsp;+&nbsp;</span>生产性生物资产<span
lang=EN-US>&nbsp;+&nbsp;</span>油气资产<span lang=EN-US>&nbsp;+&nbsp;</span>无形资产<span
lang=EN-US>&nbsp;+&nbsp;</span>开发支出<span lang=EN-US>&nbsp;+&nbsp;</span>商誉<span
lang=EN-US>&nbsp;+&nbsp;</span>长期待摊费用<span lang=EN-US>&nbsp;+&nbsp;</span>递延所得税资产<span
lang=EN-US>&nbsp;+&nbsp;</span>其他非流动资产</span></p>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>&nbsp;</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 16"
src="财务分析报告%5b新准则%5d%20-有删减.files/image014.gif"></span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US>&nbsp;</span></p>

<h1 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848478"><span style='font-family:黑体'>四、负债及权益结构分析</span></a></h1>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848479"><span lang=EN-US>1.</span></a><span
style='font-family:宋体'>负债及权益构成基本情况</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年，负债合计为</span><span lang=EN-US>448.82</span><span
style='font-family:宋体'>万元，实收资本为</span><span lang=EN-US>100</span><span
style='font-family:宋体'>万元，股东权益合计为</span><span lang=EN-US>276.86</span><span
style='font-family:宋体'>万元，资产负债率为</span><span lang=EN-US>61.85%</span><span
style='font-family:宋体'>。在负债总额中，流动负债合计为</span><span lang=EN-US>448.82</span><span
style='font-family:宋体'>万元，占负债和股东权益总计的</span><span lang=EN-US>61.85%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 19"
src="财务分析报告%5b新准则%5d%20-有删减.files/image015.gif"></span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>负债及权益构成表</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>单位</span><span lang=EN-US>:</span><span
style='font-family:宋体'>万元</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="16%" rowspan=2 style='width:16.66%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="33%" colspan=2 style='width:33.32%;border:solid windowtext 1.0pt;
  border-left:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="33%" colspan=2 style='width:33.34%;border:solid windowtext 1.0pt;
  border-left:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="16%" style='width:16.68%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>增长率<span lang=EN-US>(%</span></span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>增长率<span lang=EN-US>(%</span></span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>负债和股东权益总计</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>725.68</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-84.66%</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>4,728.97</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-10.20%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>5,266.35</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>流动负债合计</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>448.82</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-80.40%</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,289.65</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-18.89%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,823.02</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>非流动负债合计</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>N/A</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>N/A</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>股东权益合计</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>276.86</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-88.65%</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,439.33</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-0.16%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,443.32</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US>&nbsp;</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848480"><span lang=EN-US>2.</span></a><span
style='font-family:宋体'>负债的增减变化情况</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份负债合计为</span><span lang=EN-US>448.82</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>2,289.65</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>80.4%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.1pt'><b><span
style='font-family:宋体'>负债变化情况表</span></b></p>

<p class=MsoNormal align=right style='text-align:right;text-indent:20.0pt'><span
style='font-family:宋体'>单位</span><span lang=EN-US>:</span><span
style='font-family:宋体'>万元</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="16%" rowspan=2 style='width:16.66%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="33%" colspan=2 style='width:33.32%;border:solid windowtext 1.0pt;
  border-left:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="33%" colspan=2 style='width:33.34%;border:solid windowtext 1.0pt;
  border-left:none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="16%" style='width:16.68%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>增长率<span lang=EN-US>(%</span></span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>增长率<span lang=EN-US>(%</span></span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>负债合计</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>448.82</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-80.40%</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,289.65</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-18.89%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,823.02</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>短期借款</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-100.00%</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,800.00</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-28.00%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,500.00</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>应付账款</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>123.64</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-15.16%</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>145.73</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>269.06%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>39.49</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>应付职工薪酬</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>22.68</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-70.01%</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>75.63</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-7.60%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>81.85</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>应交税费</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>31.98</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>112.36%</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-258.61</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>21.32%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-328.71</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>其他应付款</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>270.53</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-46.25%</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>503.32</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-4.46%</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>526.82</span></p>
  </td>
 </tr>
 <tr>
  <td width="16%" style='width:16.66%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>非流动负债合计</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>N/A</span></p>
  </td>
  <td width="16%" style='width:16.66%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>N/A</span></p>
  </td>
  <td width="16%" style='width:16.68%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>&nbsp;</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848481"><span lang=EN-US>3.</span></a><span
style='font-family:宋体'>负债的增减变化原因</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>具体来说，以下项目的变动使负债合计增加：应交税费增加</span><span
lang=EN-US>290.59</span><span style='font-family:宋体'>万元，共计增加</span><span
lang=EN-US>290.59</span><span style='font-family:宋体'>万元，以下项目的变动使负债合计减少：短期借款减少</span><span
lang=EN-US>1,800</span><span style='font-family:宋体'>万元，</span><span lang=EN-US>,</span><span
style='font-family:宋体'>应付账款减少</span><span lang=EN-US>22.09</span><span
style='font-family:宋体'>万元，应付职工薪酬减少</span><span lang=EN-US>52.95</span><span
style='font-family:宋体'>万元，应付利息减少</span><span lang=EN-US>23.58</span><span
style='font-family:宋体'>万元，其他应付款减少</span><span lang=EN-US>232.79</span><span
style='font-family:宋体'>万元，共计减少</span><span lang=EN-US>2,131.41</span><span
style='font-family:宋体'>万元，增加项与减少项相抵，使负债合计下降</span><span lang=EN-US>1,840.82</span><span
style='font-family:宋体'>万元。</span></p>

<p class=MsoNormal style='text-indent:20.0pt;line-height:normal'><span
lang=EN-US style='font-size:12.0pt;font-family:宋体'>1212001--1212101--1212201--1212202--1212203--1212211--1212221--1212231--1212232--1212241--1217001--1218001--1222501--1222502--1222701--1222711--1222801--1222901--1228001
</span></p>

<p class=MsoNormal style='text-indent:20.0pt;line-height:normal'><span
style='font-size:12.0pt;font-family:宋体'>负债合计<span lang=EN-US>=&nbsp;+</span>短期借款<span
lang=EN-US>&nbsp;+</span>交易性金融负债<span lang=EN-US>&nbsp;+</span>应付票据<span
lang=EN-US>&nbsp;+</span>应付账款<span lang=EN-US>&nbsp;+</span>预收账款<span
lang=EN-US>&nbsp;+&nbsp;</span>应付职工薪酬<span lang=EN-US>&nbsp;+</span>应交税费<span
lang=EN-US>&nbsp;+</span>应付利息<span lang=EN-US>&nbsp;+</span>应付股利<span
lang=EN-US>&nbsp;+</span>其他应付款<span lang=EN-US>&nbsp;+</span>一年内到期的非流动负债<span
lang=EN-US>&nbsp;+</span>其他流动负债<span lang=EN-US>&nbsp;+</span>长期借款<span
lang=EN-US>&nbsp;+</span>应付债券<span lang=EN-US>&nbsp;+</span>长期应付款<span
lang=EN-US>&nbsp;+</span>专项应付款<span lang=EN-US>&nbsp;+</span>预计负债<span
lang=EN-US>&nbsp;+</span>递延所得税负债<span lang=EN-US>&nbsp;+</span>其他非流动负债</span></p>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>&nbsp;</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848482"><span lang=EN-US>4.</span></a><span
style='font-family:宋体'>权益的增减变化</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份股东权益合计为</span><span lang=EN-US>276.86</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>2,439.33</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>88.65%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 23"
src="财务分析报告%5b新准则%5d%20-有删减.files/image016.gif"></span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 24"
src="财务分析报告%5b新准则%5d%20-有删减.files/image017.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848483"><span lang=EN-US>5.</span></a><span
style='font-family:宋体'>权益的增减变化原因</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>以下项目的变动使股东权益合计减少：实收资本减少</span><span
lang=EN-US>1,900</span><span style='font-family:宋体'>万元，盈余公积减少</span><span
lang=EN-US>231.96</span><span style='font-family:宋体'>万元，未分配利润减少</span><span
lang=EN-US>30.51</span><span style='font-family:宋体'>万元，共计减少</span><span
lang=EN-US>2,162.47</span><span style='font-family:宋体'>万元。</span></p>

<h1 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848484"><span style='font-family:黑体'>五、偿债能力分析</span></a></h1>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848485"><span lang=EN-US>1.</span></a><span
style='font-family:宋体'>流动比率</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，流动比率为</span><span lang=EN-US>1.6</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>1.92</span><span
style='font-family:宋体'>，下降</span><span lang=EN-US>17.06%</span><span
style='font-family:宋体'>。环比下降的主要原因是：流动资产合计为</span><span lang=EN-US>716.02</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>4,404.15</span><span
style='font-family:宋体'>万元，下降了</span><span lang=EN-US>83.74%</span><span
style='font-family:宋体'>；流动负债合计为</span><span lang=EN-US>448.82</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>2,289.65</span><span
style='font-family:宋体'>万元，下降了</span><span lang=EN-US>80.4%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 25"
src="财务分析报告%5b新准则%5d%20-有删减.files/image018.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848486"><span lang=EN-US>2.</span></a><span
style='font-family:宋体'>速动比率</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，速动比率</span><span lang=EN-US>1.06</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>0.29</span><span
style='font-family:宋体'>，增长</span><span lang=EN-US>270.41%</span><span
style='font-family:宋体'>。环比增长的主要原因是：速动资产</span><span lang=EN-US>476.52</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>656.29</span><span
style='font-family:宋体'>万元，下降了</span><span lang=EN-US>27.39%</span><span
style='font-family:宋体'>；</span><span style='line-height:150%;font-family:宋体'>流动负债合计</span><span
lang=EN-US>448.82%</span><span style='font-family:宋体'>，环比上月</span><span
lang=EN-US>2,289.65%</span><span style='font-family:宋体'>，下降了</span><span
lang=EN-US>80.4%</span><span style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 26"
src="财务分析报告%5b新准则%5d%20-有删减.files/image019.gif"></span></p>

<h1 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848487"><span style='font-family:黑体'>六、盈利能力分析</span></a></h1>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848488"><span lang=EN-US>1.</span></a><span
style='font-family:宋体'>盈利能力基本情况</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，营业利润率为</span><span lang=EN-US>-0.09%</span><span
style='font-family:宋体'>，总资产报酬率为</span><span lang=EN-US>0.12%</span><span
style='font-family:宋体'>，净资产收益率为</span><span lang=EN-US>-1.85%</span><span
style='font-family:宋体'>，成本费用利润率为</span><span lang=EN-US>-0.21%</span><span
style='font-family:宋体'>。公司实际投入到企业自身经营业务的内部经营资产为</span><span lang=EN-US>725.68</span><span
style='font-family:宋体'>万元，内部经营资产收益率为</span><span lang=EN-US>-0.12%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 28"
src="财务分析报告%5b新准则%5d%20-有删减.files/image020.gif"></span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>盈利能力指标表</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>（</span><span lang=EN-US>%</span><span style='font-family:
宋体'>）</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="25%" rowspan=2 style='width:25.0%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>营业利润率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-0.09%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>4.02%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1.34%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>成本费用利润率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-0.21%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>4.16%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1.29%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>总资产报酬率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.12%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1.70%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1.07%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>净资产收益率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-1.42%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1.29%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-0.25%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>销售<span lang=EN-US>(</span>营业<span
  lang=EN-US>)</span>毛利率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>37.84%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>29.77%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>25.43%</span></p>
  </td>
 </tr>
</table>

</div>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848489"><span lang=EN-US>2.</span></a><span
style='font-family:宋体'>内部资产的盈利能力</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，内部经营资产收益率为</span><span lang=EN-US>-0.12%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>1.33%</span><span
style='font-family:宋体'>，亏损</span><span lang=EN-US>0.12%</span><span
style='font-family:宋体'>。</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848490"><span lang=EN-US>3.</span></a><span
style='font-family:宋体'>净资产收益率及其变化原因</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，净资产收益率为负</span><span lang=EN-US>1.85%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>1.23%</span><span
style='font-family:宋体'>，下降</span><span lang=EN-US>0.62%</span><span
style='font-family:宋体'>。环比下降的主要原因是：净利润</span><span lang=EN-US>-19.23%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>31.6%</span><span
style='font-family:宋体'>，下降了</span><span lang=EN-US>160.85%</span><span
style='font-family:宋体'>；平均股东权益</span><span lang=EN-US>1,358.09</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>2,441.33</span><span
style='font-family:宋体'>万元，下降了</span><span lang=EN-US>44.37%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 29"
src="财务分析报告%5b新准则%5d%20-有删减.files/image021.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848491"><span lang=EN-US>4.</span></a><span
style='font-family:宋体'>总资产报酬率及其变化原因</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份总资产报酬率</span><span lang=EN-US>0.12%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>1.7%</span><span
style='font-family:宋体'>，下降</span><span lang=EN-US>93.18%</span><span
style='font-family:宋体'>。环比下降的主要原因是：息税前收益</span><span lang=EN-US>3.16</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>84.78</span><span
style='font-family:宋体'>万元，下降了</span><span lang=EN-US>96.28%</span><span
style='font-family:宋体'>；平均资产总额为</span><span lang=EN-US>2,727.33</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>4,997.66</span><span
style='font-family:宋体'>万元，下降了</span><span lang=EN-US>45.43%</span><span
style='font-family:宋体'>。</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848492"><span lang=EN-US>5.</span></a><span
style='font-family:宋体'>成本费用利润率及其变化原因</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份成本费用利润率</span><span lang=EN-US>-0.21%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>4.16%</span><span
style='font-family:宋体'>，下降</span><span lang=EN-US>4.37%</span><span
style='font-family:宋体'>。环比下降的主要原因是：利润总额</span><span lang=EN-US>-2%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>59.22%</span><span
style='font-family:宋体'>，下降了</span><span lang=EN-US>103.38%</span><span
style='font-family:宋体'>；成本费用总额为</span><span lang=EN-US>947.71</span><span
style='font-family:宋体'>万元，与</span><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>02</span><span
style='font-family:宋体'>月份的</span><span lang=EN-US>1,422.85</span><span
style='font-family:宋体'>万元相比，下降了</span><span lang=EN-US>33.39%</span><span
style='font-family:宋体'>。</span></p>

<h1 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848493"><span style='font-family:黑体'>七、营运能力分析</span></a></h1>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848494"><span lang=EN-US>1.</span></a><span
style='font-family:宋体'>存货周转天数变化原因</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，存货周转天数为</span><span lang=EN-US>104.12</span><span
style='font-family:宋体'>天，环比上月</span><span lang=EN-US>115.06</span><span
style='font-family:宋体'>天，下降</span><span lang=EN-US>9.51%</span><span
style='font-family:宋体'>。环比下降的主要原因是：平均存货</span><span lang=EN-US>1,993.68</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>3,893.8</span><span
style='font-family:宋体'>万元，下降了</span><span lang=EN-US>48.8%</span><span
style='font-family:宋体'>；营业成本为</span><span lang=EN-US>574.46</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>1,015.22</span><span
style='font-family:宋体'>万元，下降了</span><span lang=EN-US>43.42%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 30"
src="财务分析报告%5b新准则%5d%20-有删减.files/image022.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848495"><span lang=EN-US>2.</span></a><span
style='font-family:宋体'>应收账款周转天数及其变化原因</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，应收账款周转天数为</span><span lang=EN-US>5.98</span><span
style='font-family:宋体'>天，环比上月</span><span lang=EN-US>11.12</span><span
style='font-family:宋体'>天，下降</span><span lang=EN-US>46.24%</span><span
style='font-family:宋体'>。环比下降的主要原因是：平均应收账款</span><span lang=EN-US>188.68</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>545.66</span><span
style='font-family:宋体'>万元，下降了</span><span lang=EN-US>65.42%</span><span
style='font-family:宋体'>；营业收入为</span><span lang=EN-US>946.83%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>1,471.93%</span><span
style='font-family:宋体'>，下降了</span><span lang=EN-US>35.67%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 31"
src="财务分析报告%5b新准则%5d%20-有删减.files/image023.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848496"><span lang=EN-US>3.</span></a><span
style='font-family:宋体'>应付账款周转天数及其变化原因</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份应付账款周转天数为</span><span lang=EN-US>7.03</span><span
style='font-family:宋体'>天，环比上月</span><span lang=EN-US>2.74</span><span
style='font-family:宋体'>天，增长</span><span lang=EN-US>157.02%</span><span
style='font-family:宋体'>。环比增长的主要原因是：平均应付账款</span><span lang=EN-US>134.68</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>92.61</span><span
style='font-family:宋体'>万元，增长了</span><span lang=EN-US>45.43%</span><span
style='font-family:宋体'>；营业成本为</span><span lang=EN-US>574.46%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>1,015.22%</span><span
style='font-family:宋体'>，下降了</span><span lang=EN-US>43.42%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 32"
src="财务分析报告%5b新准则%5d%20-有删减.files/image024.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848497"><span lang=EN-US>4.</span></a><span
style='font-family:宋体'>现金周期</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，现金周转天数为</span><span lang=EN-US>103.06</span><span
style='font-family:宋体'>天，环比上月</span><span lang=EN-US>123.45</span><span
style='font-family:宋体'>天，下降</span><span lang=EN-US>16.51%</span><span
style='font-family:宋体'>。</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848498"><span lang=EN-US>5.</span></a><span
style='font-family:宋体'>营业周期</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，营业周期为</span><span lang=EN-US>110.09</span><span
style='font-family:宋体'>天，环比上月</span><span lang=EN-US>126.18</span><span
style='font-family:宋体'>天，下降</span><span lang=EN-US>12.75%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 33"
src="财务分析报告%5b新准则%5d%20-有删减.files/image025.gif"></span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>营运能力指标表</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>单位：天</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="25%" rowspan=2 style='width:25.0%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>存货周转天数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>104.12</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>115.06</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>47.09</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>应收账款周转天数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>5.98</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>11.12</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>6.16</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>应付账款周转天数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>7.03</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2.74</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.46</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>营业周期</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>110.09</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>126.18</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>53.26</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US>&nbsp;</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848499"><span lang=EN-US>6.</span></a><span
style='font-family:宋体'>流动资产周转天数变化原因</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，流动资产周转天数为</span><span lang=EN-US>81.12</span><span
style='font-family:宋体'>天，环比上月</span><span lang=EN-US>95.28</span><span
style='font-family:宋体'>天，下降</span><span lang=EN-US>14.87%</span><span
style='font-family:宋体'>。环比下降的主要原因是：平均流动资产</span><span lang=EN-US>2,560.08</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>4,674.79</span><span
style='font-family:宋体'>万元，下降了</span><span lang=EN-US>45.24%</span><span
style='font-family:宋体'>；营业收入为</span><span lang=EN-US>946.83%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>1,471.93%</span><span
style='font-family:宋体'>，下降了</span><span lang=EN-US>35.67%</span><span
style='font-family:宋体'>。</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848500"><span lang=EN-US>7.</span></a><span
style='font-family:宋体'>总资产周转天数变化原因</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份总资产周转天数为</span><span lang=EN-US>86.41</span><span
style='font-family:宋体'>天，环比上月</span><span lang=EN-US>101.86</span><span
style='font-family:宋体'>天，下降</span><span lang=EN-US>15.16%</span><span
style='font-family:宋体'>。环比下降的主要原因是：平均资产总额为</span><span lang=EN-US>2,727.33</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>4,997.66</span><span
style='font-family:宋体'>万元，下降了</span><span lang=EN-US>45.43%</span><span
style='font-family:宋体'>；营业收入为</span><span lang=EN-US>946.83%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>1,471.93%</span><span
style='font-family:宋体'>，下降了</span><span lang=EN-US>35.67%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 34"
src="财务分析报告%5b新准则%5d%20-有删减.files/image026.gif"></span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>资产周转速度表</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>单位：天</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="25%" rowspan=2 style='width:25.0%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>流动资产周转天数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>81.12</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>95.28</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>42.46</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>总资产周转天数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>86.41</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>101.86</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>45.22</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>固定资产周转天数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.76</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.71</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.27</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>现金周转天数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>103.06</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>123.45</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>52.79</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US>&nbsp;</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848501"><span lang=EN-US>8.</span></a><span
style='font-family:宋体'>固定资产周转天数变化原因</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份固定资产周转天数为</span><span lang=EN-US>0.76</span><span
style='font-family:宋体'>天，环比上月</span><span lang=EN-US>0.71</span><span
style='font-family:宋体'>天，增长</span><span lang=EN-US>7.02%</span><span
style='font-family:宋体'>。环比下降的主要原因是：平均固定资产</span><span lang=EN-US>2,727.33</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>4,997.66</span><span
style='font-family:宋体'>万元，下降了</span><span lang=EN-US>45.43%</span><span
style='font-family:宋体'>；营业收入为</span><span lang=EN-US>946.83</span><span
style='font-family:宋体'>天，环比上月</span><span lang=EN-US>1,471.93</span><span
style='font-family:宋体'>天，下降了</span><span lang=EN-US>35.67%</span><span
style='font-family:宋体'>。</span></p>

<h1 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848502"><span style='font-family:黑体'>八、发展能力分析</span></a></h1>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848503"><span lang=EN-US>1.</span></a><span
style='font-family:宋体'>销售收入增长率</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，销售收入为</span><span lang=EN-US>946.83</span><span
style='font-family:宋体'>万元，环比</span><span lang=EN-US>02</span><span
style='font-family:宋体'>月份下降</span><span lang=EN-US>35.67%</span><span
style='font-family:宋体'>；</span><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>02</span><span
style='font-family:宋体'>月份环比</span><span lang=EN-US>01</span><span
style='font-family:宋体'>月份，下降</span><span lang=EN-US>15.75%</span><span
style='font-family:宋体'>。平均来看，销售收入的增长率为负</span><span lang=EN-US>25.71%</span><span
style='font-family:宋体'>。</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848504"><span lang=EN-US>2.</span></a><span
style='font-family:宋体'>净利润增长率</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份净利润为负</span><span lang=EN-US>19.23</span><span
style='font-family:宋体'>万元，环比</span><span lang=EN-US>02</span><span
style='font-family:宋体'>月份，下降</span><span lang=EN-US>160.85%</span><span
style='font-family:宋体'>；</span><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>02</span><span
style='font-family:宋体'>月份，环比</span><span lang=EN-US>01</span><span
style='font-family:宋体'>月份，下降</span><span lang=EN-US>1152.74%</span><span
style='font-family:宋体'>。平均来看，净利润的增长率为负</span><span lang=EN-US>656.79%</span><span
style='font-family:宋体'>。</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848505"><span lang=EN-US>3.</span></a><span
style='font-family:宋体'>资本增长性</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份股东权益合计为</span><span lang=EN-US>276.86</span><span
style='font-family:宋体'>万元，环比</span><span lang=EN-US>02</span><span
style='font-family:宋体'>月份，下降</span><span lang=EN-US>88.65%</span><span
style='font-family:宋体'>，</span><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>02</span><span
style='font-family:宋体'>月份环比</span><span lang=EN-US>01</span><span
style='font-family:宋体'>月份，下降</span><span lang=EN-US>0.16%</span><span
style='font-family:宋体'>。平均来看，股东权益合计的增长率为负</span><span lang=EN-US>44.41%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 35"
src="财务分析报告%5b新准则%5d%20-有删减.files/image027.gif"></span></p>

<h1 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848506"><span style='font-family:黑体'>九、经营协调性分析</span></a></h1>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848507"><span lang=EN-US>1.</span></a><span
style='font-family:宋体'>营运资本变化情况</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，营运资本</span><span lang=EN-US>267.2</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>2,114.5</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>87.36%</span><span
style='font-family:宋体'>。具体来说，以下项目的变动使营运资本增加：长期股权投资减少</span><span lang=EN-US>227.84</span><span
style='font-family:宋体'>万元，固定资产减少</span><span lang=EN-US>28.73</span><span
style='font-family:宋体'>万元，长期待摊费用减少</span><span lang=EN-US>56.43</span><span
style='font-family:宋体'>万元，递延所得税资产减少</span><span lang=EN-US>2.31</span><span
style='font-family:宋体'>万元，共计增加</span><span lang=EN-US>315.31</span><span
style='font-family:宋体'>万元，以下项目的变动使营运资本减少：股本减少</span><span lang=EN-US>1,900</span><span
style='font-family:宋体'>万元，盈余公积减少</span><span lang=EN-US>231.96</span><span
style='font-family:宋体'>万元，未分配利润减少</span><span lang=EN-US>30.51</span><span
style='font-family:宋体'>万元，无形资产增加</span><span lang=EN-US>0.15</span><span
style='font-family:宋体'>万元，共计减少</span><span lang=EN-US>2,162.62</span><span
style='font-family:宋体'>万元，增加项与减少项相抵，使营运资本下降</span><span lang=EN-US>1,847.31</span><span
style='font-family:宋体'>万元。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 37"
src="财务分析报告%5b新准则%5d%20-有删减.files/image028.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848508"><span lang=EN-US>2.</span></a><span
style='font-family:宋体'>营运资金需求的变化</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份营运资金需求为</span><span lang=EN-US>94.65</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>3,716.2</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>97.45%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 38"
src="财务分析报告%5b新准则%5d%20-有删减.files/image029.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848509"><span lang=EN-US>3.</span></a><span
style='font-family:宋体'>整体协调情况</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>&nbsp;</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 40"
src="财务分析报告%5b新准则%5d%20-有删减.files/image030.gif"></span></p>

<h1 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848510"><span style='font-family:黑体'>十、现金流量分析</span></a></h1>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848511"><span lang=EN-US>1.</span></a><span
style='font-family:宋体'>现金流入结构分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，现金流入总额为</span><span lang=EN-US>2,365.05</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>2,745.01</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>13.84%</span><span
style='font-family:宋体'>。主要分布在销售商品、提供劳务收到的现金、收到的其他与经营活动有关的现金等环节，分别占公司现金流入总额的</span><span
lang=EN-US>94.94%</span><span style='font-family:宋体'>、</span><span lang=EN-US>4.63%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 42"
src="财务分析报告%5b新准则%5d%20-有删减.files/image031.gif"></span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>现金流入结构表</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>单位</span><span lang=EN-US>:</span><span
style='font-family:宋体'>万元</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="25%" rowspan=2 style='width:25.0%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>借款所收到的现金</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>300.00</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>取得投资收益所收到的现金</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>10.15</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>10.15</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>14.35</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>销售商品、提供劳务收到的现金</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,245.42</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,726.66</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,382.01</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>现金流入总额</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,365.05</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,745.01</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>3,011.95</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US>&nbsp;</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848512"><span lang=EN-US>2.</span></a><span
style='font-family:宋体'>现金流出结构分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，现金流出总额为</span><span lang=EN-US>1,828.15</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>2,613.15</span><span
style='font-family:宋体'>万元，下降</span><span lang=EN-US>30.04%</span><span
style='font-family:宋体'>。主要分布在偿还债务所支付的现金、购买商品、接受劳务支付的现金等环节，分别占公司现金流出总额的</span><span
lang=EN-US>38.29%</span><span style='font-family:宋体'>、</span><span lang=EN-US>24.72%</span><span
style='font-family:宋体'>。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 43"
src="财务分析报告%5b新准则%5d%20-有删减.files/image032.gif"></span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>现金流出结构表</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>单位</span><span lang=EN-US>:</span><span
style='font-family:宋体'>万元</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="25%" rowspan=2 style='width:25.0%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>购买商品、接受劳务支付的现金</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>451.97</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,410.15</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,671.28</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>支付给职工以及为职工支付的现金</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>173.28</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>85.20</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>53.27</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>支付的各项税费</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>61.95</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>69.35</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>156.59</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>支付的其他与经营活动有关的现金</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>332.69</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>167.57</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>357.37</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>购建长期资产所支付的现金</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>40.84</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>13.80</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.50</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>偿还债务所支付的现金</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>700.00</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>700.00</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>分配股利或利润所支付的现金</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>67.41</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>167.08</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>28.68</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US>&nbsp;</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848513"><span lang=EN-US>3.</span></a><span
style='font-family:宋体'>现金流动的协调性评价</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，投资活动需要资金</span><span lang=EN-US>30.68</span><span
style='font-family:宋体'>万元；经营活动创造资金</span><span lang=EN-US>1,334.99</span><span
style='font-family:宋体'>万元；筹资活动需要净支付资金</span><span lang=EN-US>767.41</span><span
style='font-family:宋体'>万元。</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848514"><span lang=EN-US>4.</span></a><span
style='font-family:宋体'>现金流量的变化</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US> 2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，现金及现金等价物净增加额为</span><span lang=EN-US>536.91</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>131.86</span><span
style='font-family:宋体'>万元，增长</span><span lang=EN-US>307.17%</span><span
style='font-family:宋体'>；经营活动产生的现金流量净额为</span><span lang=EN-US>1,334.99</span><span
style='font-family:宋体'>万元，环比上月</span><span lang=EN-US>1,002.59</span><span
style='font-family:宋体'>万元，增长</span><span lang=EN-US>33.15%</span><span
style='font-family:宋体'>；经营活动现金净流量的变化与营业利润的变化不同步，经营活动产生的现金流量净额为</span><span
lang=EN-US>1,334.99</span><span style='font-family:宋体'>万元，营业利润为</span><span
lang=EN-US>-0.88</span><span style='font-family:宋体'>万元。具体来说，以下项目的变动使经营活动产生的现金流量净额增加：固定资产折旧增加</span><span
lang=EN-US>10.17</span><span style='font-family:宋体'>万元，无形资产摊销增加</span><span
lang=EN-US>1.22</span><span style='font-family:宋体'>万元，长期待摊费用摊销增加</span><span
lang=EN-US>74.26</span><span style='font-family:宋体'>万元，存货的减少增加</span><span
lang=EN-US>274.78</span><span style='font-family:宋体'>万元，经营性应收项目的减少增加</span><span
lang=EN-US>139.42</span><span style='font-family:宋体'>万元，共计增加</span><span
lang=EN-US>499.84</span><span style='font-family:宋体'>万元，以下项目的变动使经营活动产生的现金流量净额减少：净利润减少</span><span
lang=EN-US>88.29</span><span style='font-family:宋体'>万元，处置固定资产、无形资产和其他长期资产的损失减少</span><span
lang=EN-US>0.02</span><span style='font-family:宋体'>万元，财务费用减少</span><span
lang=EN-US>2.24</span><span style='font-family:宋体'>万元，经营性应付项目的增加减少</span><span
lang=EN-US>76.89</span><span style='font-family:宋体'>万元，共计减少</span><span
lang=EN-US>167.44</span><span style='font-family:宋体'>万元，增加项与减少项相抵，使经营活动产生的现金流量净额增长</span><span
lang=EN-US>332.4</span><span style='font-family:宋体'>万元；投资活动产生的现金流量净额为</span><span
lang=EN-US>-30.68</span><span style='font-family:宋体'>万元，环比上月</span><span
lang=EN-US>-3.65</span><span style='font-family:宋体'>万元，增长</span><span
lang=EN-US>739.79%</span><span style='font-family:宋体'>；筹资活动产生的现金流量净额为</span><span
lang=EN-US>-767.41</span><span style='font-family:宋体'>万元，环比上月</span><span
lang=EN-US>-867.08</span><span style='font-family:宋体'>万元，下降</span><span
lang=EN-US>11.5%</span><span style='font-family:宋体'>。</span></p>

<p class=MsoNormal style='text-indent:20.0pt;line-height:normal'><span
style='font-size:12.0pt;font-family:宋体'>经营活动产生的现金流量净额<span lang=EN-US>&nbsp;=+</span>净利润<span
lang=EN-US>+</span>少数股东损益<span lang=EN-US>+</span>计提的资产减值准备<span lang=EN-US>+</span>固定资产折旧<span
lang=EN-US>+</span>无形资产及其他资产摊销<span lang=EN-US>+</span>长期待摊费用摊销<span
lang=EN-US>+</span>待摊费用的减少<span lang=EN-US>+</span>预提费用的增加<span lang=EN-US>+</span>处置固定资产、无形资产和其他长期资产的损失<span
lang=EN-US>+</span>固定资产报废损失<span lang=EN-US>+</span>财务费用<span lang=EN-US>+</span>投资损失<span
lang=EN-US>+</span>递延税款贷项<span lang=EN-US>+</span>存货的减少<span lang=EN-US>+</span>经营性应收项目的减少<span
lang=EN-US>+</span>经营性应付项目的增加<span lang=EN-US>+</span>其他<span lang=EN-US>1720100--1720101--1720102--1720103--1720104--1720115--1720105--1720106--1720107--1720108--1720109--1720110--1720111--1720112--1720113--1720114--1720116</span></span></p>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>&nbsp;</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 44"
src="财务分析报告%5b新准则%5d%20-有删减.files/image033.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848515"><span lang=EN-US>5.</span></a><span
style='font-family:宋体'>现金流量的充足性评价</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>从近三期情况来看，企业经营活动创造的现金流量能够满足企业资本性投资、存货投资与现金股利支付的需要。</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.1pt'><b><span
style='font-family:宋体'>现金偿债能力指标</span></b></p>

<p class=MsoNormal align=right style='text-align:right;text-indent:20.0pt'><span
style='font-family:宋体'>（</span><span lang=EN-US>%</span><span style='font-family:
宋体'>）</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="25%" rowspan=2 style='width:25.0%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>债务偿还率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>N/A</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>38.89%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.00%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>现金流动资产比</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>24.10%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>4.50%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2.13%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>经营偿债能力</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2.97</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.44</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.16</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>现金流动负债比率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>297.44%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>43.79%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>16.26%</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>&nbsp;</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US><img width=535 height=400 id="图表 45"
src="财务分析报告%5b新准则%5d%20-有删减.files/image034.gif"></span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848516"><span lang=EN-US>6.</span></a><span
style='font-family:宋体'>现金流动的有效性评价</span></h2>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>从经营活动现金净流量来看，在销售收入中，现金利润占销售收入的比例为</span><span
lang=EN-US>141%</span><span style='font-family:宋体'>。</span><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，销售现金收益率为</span><span lang=EN-US>141%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>68.11%</span><span
style='font-family:宋体'>，增长</span><span lang=EN-US>107%</span><span
style='font-family:宋体'>；资产现金报酬率为</span><span lang=EN-US>73.99%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>2.79%</span><span
style='font-family:宋体'>，增长</span><span lang=EN-US>2553.38%</span><span
style='font-family:宋体'>；销售收现率为</span><span lang=EN-US>237.15%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>185.24%</span><span
style='font-family:宋体'>，增长</span><span lang=EN-US>28.02%</span><span
style='font-family:宋体'>。<b>现金盈利能力指标</b></span></p>

<p class=MsoNormal align=right style='text-align:right;text-indent:20.0pt'><span
style='font-family:宋体'>（</span><span lang=EN-US>%</span><span style='font-family:
宋体'>）</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="25%" rowspan=2 style='width:25.0%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>销售现金收益率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>141.00%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>68.11%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>26.28%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>资产现金报酬率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>73.99%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2.79%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>14.13%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>收益净现率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-6,942.50%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>3,172.71%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-15,293.90%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>资本现金收益率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>193.93%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>5.41%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>30.46%</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>&nbsp;</span></p>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>现金管理效率指标表（</span><span
lang=EN-US>%</span><span style='font-family:宋体'>）</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="25%" rowspan=2 style='width:25.0%;border:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>本期数</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>净收益营运指数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1.52</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1.11</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1.02</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>现金营运指数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>11.07</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>7.99</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>3.17</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>销售收现率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>237.15%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>185.24%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>136.34%</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>&nbsp;</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848517"><span lang=EN-US>7.</span></a><span
style='font-family:宋体'>自由现金流量分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>通过企业的经营努力，</span><span
lang=EN-US>2010</span><span style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份，创造的自由现金流量为</span><span lang=EN-US>130.74</span><span
style='font-family:宋体'>万元。经营活动扩大后，企业可支配的自由现金流量为</span><span lang=EN-US>1,334.99</span><span
style='font-family:宋体'>万元。</span></p>

<h1 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848518"><span style='font-family:黑体'>十一、杜邦分析</span></a></h1>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><img width=602 height=401 src="财务分析报告%5b新准则%5d%20-有删减.files/image035.gif"
align=right hspace=12><a name="_Toc387848519"><span lang=EN-US>1.</span></a><span
style='font-family:宋体'>杜邦分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>&nbsp;</span></p>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
style='font-family:宋体'>杜邦相关指标趋势分析表</span><span lang=EN-US>(</span><span
style='font-family:宋体'>单位</span><span lang=EN-US>:</span><span
style='font-family:宋体'>万元</span><span lang=EN-US>)</span></p>

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse;border:none'>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;padding:
  0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  style='font-family:宋体'>项目名称</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>03</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>02</span>月份</span></p>
  </td>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-left:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2010</span><span style='font-family:宋体'>年<span
  lang=EN-US>01</span>月份</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>净资产收益率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-1.42%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1.29%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-0.25%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>总资产净利率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-0.71%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>0.63%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-0.11%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>权益乘数</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2.01</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2.05</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2.16</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>销售净利率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-2.03%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2.15%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-0.17%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>总资产周转率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>34.72%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>29.45%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>66.35%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>资产负债率</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>50.20%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>51.15%</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>53.60%</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>净利润</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-19.23</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>31.60</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>-3.00</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>营业收入</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>946.83</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,471.93</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,747.12</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>平均总资产</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,727.33</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>4,997.66</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,633.17</span></p>
  </td>
 </tr>
 <tr>
  <td width="25%" style='width:25.0%;border:solid windowtext 1.0pt;border-top:
  none;padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph;
  text-indent:0cm'><span style='font-family:宋体'>平均负债总额</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,369.23</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>2,556.33</span></p>
  </td>
  <td width="25%" style='width:25.0%;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0cm 5.4pt 0cm 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right;text-indent:0cm'><span
  lang=EN-US style='font-family:宋体'>1,411.51</span></p>
  </td>
 </tr>
</table>

</div>

<p class=MsoNormal align=center style='text-align:center;text-indent:20.0pt'><span
lang=EN-US>&nbsp;</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848520"><span lang=EN-US>2. </span></a><span
style='font-family:宋体'>资产净利率变化原因分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份资产净利率为</span><span lang=EN-US>-0.71%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>0.63%</span><span
style='font-family:宋体'>，减少</span><span lang=EN-US>1.34%</span><span
style='font-family:宋体'>。环比减少的主要原因是：销售净利率为</span><span lang=EN-US>-2.03%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>2.15%</span><span
style='font-family:宋体'>，减少</span><span lang=EN-US>194.6%</span><span
style='font-family:宋体'>；总资产周转率为</span><span lang=EN-US>0.35</span><span
style='font-family:宋体'>次，环比上月</span><span lang=EN-US>0.29</span><span
style='font-family:宋体'>次，增加</span><span lang=EN-US>17.87%</span><span
style='font-family:宋体'>。总资产周转率的上升未能弥补销售净利率下降带来的影响，使资产利润率由</span><span
lang=EN-US>0.63%</span><span style='font-family:宋体'>下降到</span><span lang=EN-US>-0.71%</span><span
style='font-family:宋体'>。</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848521"><span lang=EN-US>3.</span></a><span
style='font-family:宋体'>权益乘数变化原因分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span lang=EN-US>2010</span><span
style='font-family:宋体'>年</span><span lang=EN-US>03</span><span
style='font-family:宋体'>月份权益乘数为</span><span lang=EN-US>2.62</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>1.94</span><span
style='font-family:宋体'>，增长</span><span lang=EN-US>35.21%</span><span
style='font-family:宋体'>。环比下降的主要原因是：资产总计为</span><span lang=EN-US>725.68%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>4,728.97%</span><span
style='font-family:宋体'>相比，下降了</span><span lang=EN-US>84.65%</span><span
style='font-family:宋体'>；负债合计为</span><span lang=EN-US>448.82%</span><span
style='font-family:宋体'>，环比上月</span><span lang=EN-US>2,289.65%</span><span
style='font-family:宋体'>相比，下降了</span><span lang=EN-US>80.4%</span><span
style='font-family:宋体'>。资产总计下降速度快于负债合计，致使权益乘数下降。</span></p>

<h2 style='margin:0cm;margin-bottom:.0001pt;text-indent:32.15pt;line-height:
150%'><a name="_Toc387848522"><span lang=EN-US>4.</span></a><span
style='font-family:宋体'>净资产收益率变化原因分析</span></h2>

<p class=MsoNormal style='text-indent:20.0pt'><span style='font-family:宋体'>与同期相比，净资产收益率呈下降趋势，由</span><span
lang=EN-US>1.34%</span><span style='font-family:宋体'>下降到负</span><span
lang=EN-US>5.3%</span><span style='font-family:宋体'>，而权益乘数提高了，由</span><span
lang=EN-US>1.94</span><span style='font-family:宋体'>提高到</span><span lang=EN-US>2.62</span><span
style='font-family:宋体'>，但权益乘数的上升不能弥补资产净利率下降带来的影响，使得净资产收益率由</span><span
lang=EN-US>1.29%</span><span style='font-family:宋体'>下降到负</span><span
lang=EN-US>1.42%</span><span style='font-family:宋体'>。</span></p>

</div>

</body>

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